Recognizing and rewarding the best in P3

CONGRATULATIONS TO ALL OF THE WINNERS FROM THE EVENING FROM THE P3 BULLETIN TEAM!P3 Bulletin and Partnerships Bulletin provide intelligence to leaders in the public and private sectors that form partnerships to design, build, finance, operate and maintain public infrastructure. Through our editorial coverage, database and market-leading events we provide platforms to learn about the projects, partners and policies that will shape the transport, social and utility infrastructure sectors.For all the news from today’s events and to add a vital tool to your team’s pursuits go to https://www.p3bulletin.com/subscribe, or email tingting.wei@p3bulletin.com and quote reference P319.

Recognizing and rewarding the best in P3

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CONTENTSWELCOME 4HEAD JUDGES 6EXPERT PANELLISTS 7BEST SOCIAL INFRASTRUCTURE PROJECT (EXCLUDING EDUCATION) 9LEGAL ADVISOR OF THE YEAR 11BEST ROAD/BRIDGE/TUNNEL PROJECT 13SPONSOR/DEVELOPER OF THE YEAR 14BEST TRANSIT PROJECT 16TECHNICAL ADVISOR OF THE YEAR 17BEST FINANCIAL STRUCTURE - TRANSPORT 19GOVERNMENT AGENCY OF THE YEAR 20INSURANCE/RISK ADVISOR OF THE YEAR 21INDIVIDUAL CONTRIBUTION OF THE YEAR 23CULTURE AND DIVERSITY AWARD 24BEST OPERATIONAL PROJECT 25BEST FINANCIAL STRUCTURE - SOCIAL INFRASTRUCTURE 26FINANCIAL ADVISOR OF THE YEAR 28BEST EDUCATION AND HIGHER EDUCATION PROJECT 29DEBT PROVIDER OF THE YEAR 31FUTURE LEADER OF THE YEAR 33P3 BULLETIN SPECIAL AWARD 34

WELCOMEIt’s always a challenge to launch a new event – be that a new conference, reception or awards – and even after a successful launch you have the bigger challenge of building that event to become a permanent annual fixture in people’s calendars.

So I am delighted to see that after a few short years (six to be precise) the P3 Awards seems to have cemented its place in the diaries of the P3 industry’s great and good.

This year we have seen a record number of entries, a record number of booked tables and for the first time we have a venue full to capacity.

But although the team at P3 Bulletin takes huge pleasure in watching the Awards grow, the main upside of a full room is that the full room will be enjoying this opportunity to celebrate the successes seen by the P3 market across the Americas.

Yes, 2019 has seen some challenges and yes, some projects have faltered but the difficult environment for P3s makes it even more laudable that some deals do get over the line. Everyone in the room knows that these projects are not for the faint hearted and they will no doubt encounter obstacles at all stages of the procurement – so we are delighted to be part of an evening centred around celebrating those who overcame those obstacles to deliver truly innovative public infrastructure.

Thank you to those that entered and to those that have joined us at the Liberty Warehouse. We would also like to say a big thank you to all our sponsors for their continued support, as well as to all our judges and head judges who have given up their time to ensure the entries were subject to a robust and rigorous process.

Our head judges had a tough time selecting the winners and again they have awarded a number of silver trophies in several categories. We are also happy to give feedback on all entries, whether they were successful or not, so please get in touch if you’d like to see how the judges scored your submission.

Finally, congratulations to all this year’s finalists and of course to our winners. We look forward to seeing you back next year in a slightly larger venue!

Sakshi Sharma, Consulting Editor, P3 Bulletin

Sakshi Sharma, Consulting Editor, P3 Bulletin

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kpmg

KPMG”S integrated services across the infrastructure lifecycleKPMG is proud to sponsor the P3 Awards 2019, recognizing and rewarding outstanding achievements in public-private partnerships across the Americas KPMG’s Global Infrastructure professionals in the US and Canada provide specialist Advisory, Tax, Audit, Accounting, and Compliance related assistance throughout the life cycle of infrastructure projects and programs. Our teams have extensive local and global experience advising government organizations, infrastructure contractors, operators, and investors. We help clients ask the right questions and find strategies tailored to meet the specific objectives set for their businesses. KPMG can help set a solid foundation at the outset and combine the various aspects of infrastructure projects or programs – from strategy, to execution, to end-of-life or hand-back.

For more information please contact one of our Infrastructure professionals or e-mail infrastructure@kpmg.com.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.

© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Andy Garbutt U.S. Infrastructure Leader +1 512-501-5239andrewgarbutt@kpmg.com

Gary Webster Canadian Infrastructure Leader+1 604-646-6367gwebster@kpmg.com

Fernando FariaLATAM Infrastructure Leader+5 52122079118fernandofaria@kpmg.com.br

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HEAD JUDGES

Christine ChadwickNational Senior

Director, Infrastructure Solutions –

GE Healthcare Canada

Lisa MitchellSenior Director,

Investment, Partnerships and Innovation –

Infrastructure Canada

Jorge Gomez- PerezCEO –

Link427

Joey ComeauChief Operating Officer

and Executive Vice President, Capital

Division – EllisDon Capital

Sallye PerrinSenior Vice President –

WSP

James BuddP3 Manager –

Canadian Department of National Defence

(DND)

Marie FoleyDirector of P3 and

Infrastructure Advisory for North America –

BTY

Miriam FigueroaPartner –

DLA Puerto Rico

Sia KushaGroup Head Project

Development & Partnering –

Plenary Group

Vickie TurnbullManaging Director and Co-Head Infrastructure

Finance – RBC Capital Markets

Shawn WilsonSecretary –

LA DODT

Carol StarkManaging Director – Aon Risk Solutions

Kyle ToffanPresident and CEO –

SaskBuilds Corporation

Grenville RileyManaging Director,

Concessions – Graham Capital

Thilo TecklenburgChief Operating Officer

North America – Meridiam

Andy GarbuttHead of Infrastructure

Advisory – KPMG

6

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EXPERT PANELLISTSCarlos Afonso, FCC Environment InternationalMarcus Akhtar, John LaingDavid Alvarez, CPM HillAndrew Ancone, Macquarie CapitalBruce Anderson, ManulifeClaudio Andreetta, Johnson ControlsBarbara Armand, Armand CorpMark Bain, TorysIgnacio Barandiaran, ArupSamara Barend, AECOM CapitalSofia Berger, Louis Berger U.S. Sam Beydoun, Illinois Department of TransportationRicardo Binnie, Pinheiro Neto Scott Boardman, West Coast Infrastructure Exchange Stacey Brown, StantecJames Budd, Canadian Department of National Defence (DND)Lisa Buglione, AIAIAndrew Burton, DLA Piper (Canada)Jose Bustamante, STV IncorporatedGregory Ciambrone, The Walsh GroupYuval Cohen, PhD, Jacobs-LeighFisherJoey Comeau, EllisDon CapitalCraig Covil, Gavio Group Jerome Devillers, MazarsRoddy Devlin, Nixon PeabodyBen Dijounas, JP MorganAlbert Dotson, Bilzin SumbergJeremy Ebie, Phoenix Infrastructure Group Paul Epstein, Shearman & SterlingNicholas Farber, High Performance Transportation Enterprise Daniel Filer, Ferrovial Agroman SECarrie Fleming, BlakesFederico Formento, Fischer & SchickendantzAndrew Fraiser, AshurstJorge Gomez- Perez, Link427John Greenwood, Goldman SachsReema Griffith, Washington State Transportation CommissionFilip Guz, InfraRed Capital PartnersRichard Hill, Faegre Baker Daniels

Gregory Hummel, Bryan Cave Leighton PaisnerPeter Isaac, CA VenturesBryant Jenkins, Sperry CapitalStacey Jones, Crawford ArchitectsBryan Kendro, Star America Infrastructure PartnersRichard Kerrigan, Project Finance Advisory LimitedSven Kottwitz, John LaingDominic Leadsom, Turner & TownsendAmy Lloyd, Citigroup Global Markets Susanne Manaigre, Keolis North America Alvaro Mauricio Duran, Duran y OsorioRick Mayfield, Macquarie CapitalMaria McKenzie, Farris, Vaughan, Wills & MurphyDolly Mirchandani, White & CaseJoshua Ogier, Mott MacDonaldMike Parker, EYAdrian Pellen, Marsh USAColin Peppard, Los Angeles Metro Anthony Phillips, John Laing Tim Philpotts, Ernst & Young Orenda Corporate Finance Michael E. Pikiel, Winston & Strawn Lorne Potash, Assured GuarantyFrank Rapoport, P3 Development Partners Christopher Reece, Office of Finance, Kentucky’s Tourism, Arts and Heritage CabinetDr. Tarcila Reis Jordão, Office of Foreign Affairs, BrazilAlejandro Rendón Barrera, APPPatrick Rhode, Cintra USGrenville Riley, Graham CapitalTara Rogers, AECOMYousef Salama, Turner & Townsend Simon Santiago, NossamanCristina Santos Vélez, Trade Commission of Spain in ChicagoMichael Schneider, InfraStrategiesJoseph Seliga, Mayer BrownNeil Shah, SNC-Lavalin O&MLampros Stougiannos, DentonsJohn Tanyeri, MetLife, Private Capital InvestorsVictoria Taylor, Project Finance Advisory LimitedMariana Torres, John Laing

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FINALISTS:• Howard County Circuit

Courthouse Project, USA• Michael Garron Hospital Phase 1

New Patient Care Tower, Canada• New Toronto Courthouse, Canada

• São Paulo State Parks, Brazil• Vermont Corridor County

Administrative Offices Building, USA

• West Park Healthcare Centre Hospital Development, Canada

BEST SOCIAL INFRASTRUCTURE PROJECT (EXCLUDING EDUCATION)

Silver: West Park Healthcare Centre Hospital Development, CanadaThis “trailblazer” P3 was a complex project to procure involving the Ministry of Health and Long-Term Care and Infrastructure Ontario, and including demolition, new build and ancillary infrastructure (road and parking). The project

Gold: Howard County Circuit Courthouse Project, USAThe Gold Award was given to a P3 that was described by our judges as “a unique, one-of-a-kind project”. As the largest project in the history of the County at USD178m, this was the first availability-payment structured municipal P3 to reach financial close in the US outside of Long Beach, California.

The entry described the project as a game changer for Howard County’s justice system and a model for the rest of the country, and the judging panel agreed.

Factors that stood out during the judging process included the project’s well-structured procurement – 11 months from RFP to financial close – and innovative approaches to financing for the jurisdiction and size of the project. The project was also praised for its approach to design and sustainability.

One judge commented that, “in addition to many impressive elements in terms of timing, competitive tension and design, the introduction of a new P3 counterparty at county level in P3 space and running a flexible but competitive process is a significant milestone in the US social market.”

was also the first time that EllisDon was design-builder, service provider and equity investor on a major P3 project

One challenge that was overcome was arranging the financing of this project with the large facilities maintenance and lifecycle scope relative to the size of the long-term capital (on account of significant public sector funding during construction). One judge noted that “this ‘operational gearing’ issue was mitigated by a bespoke bond repayment profile, carefully sculpted around the lifecycle spend profile” while another commented that “the financing structure was sound and expectations seem to have been exceeded.

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LEGAL ADVISOR OF THE YEAR

FINALISTS:• Ashurst• Bilzin Sumberg• Bracewell• Davies Ward Phillips &

Vineberg• Fasken Martineau DuMoulin• Husch Blackwell• Kaplan Kirsch & Rockwell

• Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga

• Mayer Brown• McCarthy Tétrault• Nossaman• Pinheiro Neto• White & Case• Winston & Strawn

Silver: Fasken Martineau DuMoulinThe judging panel awarded ‘Silver’ to a firm that was described as having had “an excellent and enviable year.”

The entry showed excellent cross-border P3 experience, in particular noting its “commendable“ work on the Gordie Howe Project representing the Canadian Federal Government and the Windsor-Detroit Bridge Authority on one of the most complex cross-border projects in North America.

The judges noted that Fasken was one of the most relevant Canadian firms for P3 in North America.

Gold: Mayer BrownMayer Brown was awarded the ‘Gold’ for showing it is one of the most diverse P3 legal practices in North America - representing government clients, sponsors, lenders, and joint ventures in seven different sectors/ asset classes.

The entry was praised for demonstrating “great representation” and selection of two key P3 projects in two different roles - counsel to Purdue and sponsors counsel for QIC on parking concession. The entry also mentioned other projects outside of the US demonstrating a truly international practice.

One judge commented that, “Mayer Brown has one of the most robust P3 practices amongst North American law firms having represented on borrower, government or issuers counsel across a diverse set of asset classes and projects.”

BEST ROAD/BRIDGE/TUNNEL PROJECT

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FINALISTS:• Gordie Howe International

Bridge Project, Canada• Highway 401 Rail Tunnel,

Canada

• I-75 Modernization Project (Segment 3), USA

• Tłı̨chǫ All-Season Road Project (TASR), Canada

Gold: Gordie Howe International Bridge Project, Canada One of our judges summarised by saying that the sheer size, scope, complexity, and significance of this project makes it a deserving winner of this category.

The project was a complex one with multiple components including a six-lane cable stayed bridge, two ports of entry and an interstate interchange that spans two countries. The judges agreed that the level of coordination required for an effort of this size is astounding, and the parties involved should be commended for their efforts.

This project will meaningfully impact and improve the transport of goods between Canada and the US. But as a result the project had to navigate

parallel legal systems, procuring land in two countries, hiring contractors that are eligible to work simultaneously in two countries, satisfying the point of entry building security requirements of two countries while working with two currencies and two tax regimes. As one judge summarised, “it must have all been very difficult to successfully thread the needle to get all of these competing elements balanced.”

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SPONSOR/DEVELOPER OF THE YEAR

FINALISTS:• ACS Infrastructure North

America• Edgemoor Infrastructure & Real

Estate

• EllisDon Capital• John Laing

Gold: Edgemoor Infrastructure & Real Estate One judge commented that our ‘Gold’ winners were “leaders in the social, vertical infrastructure development field by a large margin.” Another noted that Edgemoor had become “top performers in airports, buildings, courthouses, education facilities, real estate, all requiring a deep commitment to seeing projects through fruition, open communications, commitments to diversity and inclusion.”

The entry demonstrated a world class and highly leveraged team, able to command resources spread quite afar geographically and across market sectors. One comment praised the organization for being reactive to solicitations, but also capable of selective and unique approaches to developing projects. “Simply, the best turnkey master developer in North America,” they said.

Edgemoor’s submission showed its commitment to the P3 sector through the work it did educating and supporting public sector sponsors / potential sponsors who are relatively new to the P3 process.

The judging panel also praised the organization for showcasing its commitment to developing and implementing programs that help develop traditionally underrepresented communities (minority and women owned businesses).

Silver: EllisDonEllisDon was praised by our judges for the “impressive accomplishment” in winning and closing eight P3 projects in 2018. The projects represented an interesting cross-section of types (DBF, DBFM) and sectors (health, justice, transportation) and included first of kind projects such as a high-rise courthouse.

One judge commended the use of financing structures that demonstrated flexibility and innovation - through the use of P3 performance bonds, having the senior bonds designated as green bonds, hybrid financing solutions.

“EllisDon showcased its willingness to consider a broad range of financing options and its ability to close direct privates that allowed for project specific structural features that were innovative and market leading,” was one comment from our panel.

Other strong points in the entry included the commitment to developing its talent and by extension, the talent of the broader industry, through programs such as its co-op education program for students in the construction, engineering, architecture , finance and IT sectors and its various in-house leadership programs.

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BEST TRANSIT PROJECT

FINALISTS:• Finch West Light Rail Transit

Project, Canada• LAX Consolidated Rent-a-Car

(ConRAC) Project, USA• Massachusetts Bay

Transportation Authority (MBTA) AFC 2.0 Project, USA

• Metrolinx GO Kipling Mobility Hub, Canada

• Trillium Line Extension Project, Canada

Silver: Massachusetts Bay Transportation Authority (MBTA) AFC 2.0 Project, USAThe silver winner is the first venture into P3 for MBTA and also the first fare collection P3 in the US. The judges commended the expected USD65m of savings over the contract duration and the service improvements assisting the fourth largest rail ridership in the US. The judge said, “while other transit systems have been using one payment method for multiple mode of transportation, this project has benefited from the ability to transfer risk of design, build, finance, operation and maintenance of the fare system to the private sector.”

Another notable feature in the entry was that the financial structure of the deal attracted private financing without the use of tax-exempt municipal bonds. This structure achieved a quick financial close that reduced the risk of interest rate fluctuation.

Gold: Trillium Line Extension Project, CanadaThe Gold winner demonstrated that it tackled “the most creative and innovative solutions from all involved” as a result of the challenges and requirements/limitations imposed by the government procuring entity. As a result, the judges believed that a successful closing and financing seem to reflect how the group worked to make this project possible as a P3.

One notable innovation of this project is the ability to share and manage risks in such a way that reduced the financial requirements for the project. For example, the judges liked that the public agency took on the responsibility of monitoring the financial performance of the project thereby reducing the overall cost of the project. Also, the public agency made existing asset available as a way to reduce the capital requirements.

“These arrangements demonstrated the commitment of the public agency to ensure the affordability and financial viability of the project,” was one comment.

17

TECHNICAL ADVISOR OF THE YEAR

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FINALISTS:• Altus Group• Arup

• Brailsford & Dunlavey• BTY Group• Jacobs Engineering Group

Gold: BTY Group One judge described BTY as the “far and away leader in this category” with tremendous cross-border market share.

Our panel recognized the team as currently one of the most solid consultancies in North America noting that “the BTY Group innovates in the development of reliable risk measurement methods, giving sufficient confidence to its clients to achieve, for example, the integration of two P3 projects that would be separated, something of extreme complexity in the market.”

Other strong points in the submission includes the large number of projects in its current portfolio and the work and concern to increase the role of women in the organization, especially in leadership positions, which “is a remarkable achievement that should be replicated on a large scale internationally.”

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19

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Follow us on LinkedIn: IPFA-Globalinfo@ipfa.org

IPFA is the global professional association that connects and promotes the collective interests of both public & private sector organizations, and professional individuals involved in infrastructure and project financing.

We are independent and don’t exist to make a profit. We are funded and guided by our members, which include leading investors, lenders, advisors, developers, sponsors and government institutions.

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BEST FINANCIAL STRUCTURE - TRANSPORT

FINALISTS:• 395 Express Lanes, USA• Automated People Mover

(APM) at Los Angeles International Airport (LAX), USA

• Autoroute 30 Refinancing, Canada

• Midwest Highways of the State of São Paulo, Brazil

Silver: Automated People Mover (APM) at Los Angeles International Airport (LAX), USAThe APM project was viewed by our judges as “a true pathfinder for US P3s”. Innovative features of the procurement which stood out include the combination of Private Activity Bonds (PABs) with construction period financing. The panel also thought the financial structure optimization was “well thought through allowing the milestone payment and equity injection to cover the short term construction debt.”

The ability of the project to overcome challenges was also praised with one comment that, “the political risk associated with the tax cuts and jobs act was certainly quite high and the timing couldn’t have been worse.” Despite this, the project overcame the many challenges with our judges agreeing that “it is impressive to see the risk was mitigated with a proactive approach.”

Gold: Midwest Highways of the State of São Paulo, BrazilThe project was described by the judging panel as a truly innovative financial structure for a market that will benefit from a broadening of its project financing tools. One said: “bravo to the team who designed and executed this transaction”. Another commented that the winner was “certainly an innovative project given it was Brazil’s first tap into capital markets to fund a major public infrastructure project.”

The tax incentives associated with the bond issuance was highlighted as an interesting feature in being likely to improve tension seeing a reduced cost of capital. Another comment was that “moving outside of the traditional BNDES structure is undoubtedly innovative in itself.”

The judges summarised that “it is encouraging to see investors gaining confidence in an untapped market.”

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GOVERNMENT AGENCY OF THE YEAR

FINALISTS:• Howard County Maryland• Infrastructure Ontario• Puerto Rico P3 Authority

• Undersecretariat of Partnerships of the State of São Paulo

• Windsor-Detroit Bridge Authority

Gold: Windsor-Detroit Bridge AuthorityWindsor-Detroit Bridge Authority (WDBA) was awarded the ‘Gold’ for setting a tremendous precedence for future P3s as partners in procurement, and delivery of important infrastructure projects.

The WDBA entry stood out as highlighting an Authority that was able to achieve financial close on a complex project requiring the cooperation and partnership of two different government jurisdictions from two different nations.

One judge praised the Authority for not only procuring the project as a P3 but, before that, organizing itself by establishing a P3 procurement structure. The judge said, “it did not benefit from being an established governmental entity with P3 experience, but instead need to create and resolve numerous international issues to organize itself and carry out a P3 procurement.”

Another judge agreed, saying, “high marks for achieving success both in organizing the Authority and carrying out a competitive procurement for this substantial, complex project.”

Silver: Howard County“Howard County’s impressive submission provides a step-by-step ‘how to’ guide for successfully executing a jurisdiction’s first P3,” said one judge of the ‘Silver’ winner. Another commented that, Howard County’s accomplishments deserve all the recognition in light of the lack of jurisdictions pursuing P3s in the United States and the uneven rate of success in completing P3s by those jurisdictions that choose to pursue the P3 model.

The judging panel praised the entry for demonstrating the great lengths that Howard County went to prepare for the solicitation and involve all decision makers in the process. “This is a model process and the pre-work really paid off with an efficient and speedy procurement process,” said one judge.

Other factors that stood out during the judging process was how the owner engaged stakeholders, benefited from lessons learned from other owners and used good precedent documents to complete the procurement in 11 months. “They really did their homework,” said one judge.

21

INSURANCE/RISK ADVISOR OF THE YEAR

FINALISTS:• Aon• Marsh

Gold: AonAon’s entry was praised for successfully demonstrating creativity in its insurance solutions and value for money, with the judges noting the organization’s contribution in particular at the Gordie-Howe Bridge border crossing. “Addressing complications with respect to the insurance design, particularly for the casualty program, relying on its bi-national brokerage teams to place a program that consisted of both US and Canadian policies that best met the needs of the consortium,” was one comment.

Aon was also praised for the “Practice Program” innovation that was described as setting a new standard in the marketplace. One judge noted the “comfort” in advising other countries or less educated markets in finding more understanding and leading to lower premiums is a contribution to P3s worldwide.

Finally, the firm was recognized for its active role in participating as speakers and releasing publications, demonstrating its role as thought leaders in the industry.

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23

INDIVIDUAL CONTRIBUTION OF THE YEARMike Marasco, CEO Plenary Concessions The recipient of our ‘Individual Contribution of the Year’ Award was described by one of our head judges as someone that “embodies the essence of the individual contributor in the P3 space.”

Mike’s contributions to the industry were described as “truly a lifetime of accomplishments” with one judge commenting that they couldn’t name anyone else in the industry who has had a hand in more successful P3 projects in North America.

Mike started at the VP level in a hospital performing one of the first P3s in social infrastructure in North America, then was appointed to Partnerships BC to further the development of P3s.

Mike then became CEO of Plenary Concessions which he has led for over 12 years creating one of the most innovative concessionaires in the

marketplace. He has also served as a Director for the Canadian Council for Public Private Partnerships for over eight years and the National Council for PPPs in the US.

“Although Mike’s career track speaks for itself, he continues to inspire, imagine and innovate in the P3 space not only in Canada but across the US and the globe,” commented one of our panel.

One endorsement of Mike’s career highlighted how he is “unselfish in his approach and always willing to share knowledge through ‘one on ones’ or through his many speaking engagements. He has worked tirelessly to bring integrity and transparency while always seeking innovation.”

The judging panel were unanimous in recognizing Mike’s career and summed up the wider P3 market’s view when they commented that “the industry will miss a legend when he finally retires this year.“

24

CULTURE AND DIVERSITY AWARD

FINALISTS:• AIAI Diversity and Inclusion

Committee/Education Committee

• Arup• Ashurst

• EY• Marsh• Mattos Filho, Veiga Filho,

Marrey Jr. e Quiroga• McCarthy Tétrault• Nossaman• Winston & Strawn

Silver: ARUPOur judges praised Arup’s entry for providing a high level of detail on their efforts to encourage diversity, equality and a culture of inclusion, as well as on corporate social responsibility.

The judges particularly commended the company’s metrics as to the number of women and minorities as “trending in the right direction” and that they appear to have programs committed to achieving a more diverse workforce. “The results of many of these efforts are supported with statistics demonstrating their effects,” one judge summarised.

Gold: EYOur judging panel agreed that EY’s “diverse and inclusive management team is unprecedented in its industry.” The judges admired the firm’s proactive hiring procedures and outreach programs that they believe will ensure that it continues to be a market leader in this area.

One judge praised the company’s commitment to industry and community awareness and change and EY’s proven success of inclusion and diversity.

“The efforts EY is taking with respect to diversity and inclusion, as well as the results demonstrated in their submission, are compelling,” they said.

25

BEST OPERATIONAL PROJECT

FINALISTS:• Jim Pattison Outpatient Care

and Surgery Centre, Canada• Milton District Hospital

Expansion, Canada• Rt. Hon. Herb Gray Parkway

Project, Canada

• São Lourenço Water Production System of the State of São Paulo, Brazil

• Saskatchewan Hospital North Battleford, Canada

Gold: Rt. Hon. Herb Gray Parkway Project, Canada“This project sets a new standard for addressing the impact on the surrounding communities and incorporating innovative environmental features,” said one judge on awarding top scores to the entry. Another praised the incorporation of the advice and assistance of the Walpole Island First Nation (WIFN) in the project design as a significant factor in the success of the project.

The submission was praised for not only avoiding numerous potential negatives but also incorporating multiple features that enhance the surrounding areas. One judge noted that, “the project team has successfully shown flexibility in making post completion improvements by continuing to work with stakeholders.” Another commented that, “other communities would benefit from using this project as a model for how to incorporate design innovation that serves both the original purposes of the project and its surrounding communities.”

Silver: Jim Pattison Outpatient Care and Surgery Centre, CanadaOur judging panel awarded ‘Silver’ to a project which was described as a great example of an operational P3 project meeting/exceeding targets and showing good evidence of “true partnership” between stakeholders.

The entry also demonstrated how the project exhibits many elements of advanced health care delivery, in particular, substantial consolidation and co-location of facilities. One judge commented that the project “has incorporated leading practices in outpatient care as well as establishing multidisciplinary teams to better serve patients.”

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BEST FINANCIAL STRUCTURE - SOCIAL INFRASTRUCTURE

FINALISTS:• Howard County Circuit

Courthouse Project, USA• New Toronto Courthouse,

Canada

• Royal Inland Hospital Patient Care Tower Project, Canada

• West Park Healthcare Centre Hospital Development Project, Canada

Gold: Howard County Circuit Courthouse Project, USAAs one of the first examples of the availability based DBFOM model taking root in the US municipal P3 market, Howard County Courthouse’s Awards Entry demonstrated that it had effectively balanced both the cost of capital and effective risk transfer.

The project team were praised by our judges for “developing a workable and efficient structure” while being “creative and flexible in their approaches”. One judge commented that the size of the deal likely proved challenging given the financing approach however the innovative use of an interest rate swap reduced risk exposure opening up the project to a larger pool of lenders and driving competitive tension.

Silver: West Park Healthcare Centre Hospital Development Project, CanadaThe Silver Award was given to a project that was described as “complex from design through to operations”.

One judge praised the effective use of a dual tranche structure to take advantage of pricing while another commented that operational gearing concerns were avoided with the development of a repayment profile which satisfied all parties.

Overall, our judges recognized the innovative bank-bond structure and use of state debt for this significant project.

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FINANCIAL ADVISOR OF THE YEAR

Gold: EYThe judges awarded the ‘Gold’ to EY saying that the firm has had “a really strong year, providing a broad range of transaction and financial advisory to public sector clients across multiple asset classes and jurisdictions”. One judge particularly commended the noticeable growth of the team with high quality recruits.

Some of the mandates that were highlighted in the entry included advice which shaped the P3 market including the use of stapled financing structures.

The judges praised the firm for bringing P3s to new jurisdictions and applying new innovative approaches. “EY has helped shift the landscape over the past year driving forward an additional USD50bn of greenfield projects and helping realize world-class, exemplary and rural P3 programs”, said one of the panel.

FINALISTS:• Arup• EllisDon Capital• EY

• KPMG• Project Finance Advisory

Limited• RBC Capital Markets

29

BEST EDUCATION AND HIGHER EDUCATION PROJECT

FINALISTS:• Parliament Village Student

Housing and Dining, USA

• Purdue University P3 Student Housing Facilities, USA

• QIC and Northeastern University’s MasParc concession, USA

• University of California, Riverside Dundee-Glasgow, USA

Gold: QIC and Northeastern University’s MasParc concession, USAGold was awarded to a project which was described as a “first of its kind for a private, not-for-profit university in the US” being the first to have provisions for the future development of technology-enabled mobility solutions.

The project was praised by the judges for its “innovative concept that has potential at other institutions of higher learning.” One feature highlighted in the entry was the parking and transportation solution, taking into account the disruptions to transportation and mobility that have not yet penetrated the academic community on campuses.

One judges noted that the university will use the proceeds from this to support its education mission and priorities of globalization and innovation in higher education and research. Another commented on the “broad and evolving scope” and another admired the solution for being scalable, and with a key role in determining satisfaction with the university’s customer service. They commented that the potential to provide technically integrated solutions “are limitless with this model.”

Pruden�al Business District

BOSTON CBD

90

90

93

93

LMA SHUTTLE ROUTE

N

Boston Common

Boston University

Suffolk University

Boston LoganInterna�onal Airport

Boston Conven�onand Exhibi�on Center

Fenway Park

Massachuse�s Ins�tuteof Technology

Harvard University

Harvard BusinessSchool

Harvard MedicalSchool

NORTHEASTERN UNIVERSITY

Surface Parking Lots

Parking Garages

LMA Shu�le Route

Melvin Parking

AAC Parking

North Lot Fenway Center Parking

Arena Parking

Forsyth Lot

Latinx Lot/Churchill Lot

Shillman Lot

Ryder Lot Columbus Parking Garage

Renaissance Park Surface Lot

Renaissance Park Garage

Hurtig Lot

Pay LotGainsborough Garage

West Village Parking Garage

CAMBRIDGEPORT

BLACK BAY

CHARLES RIVER

LONGWOOD MEDICAL AREA

SOUTH ENDSOUTH BOSTON

EAST BOSTON

BOSTON

MASPARC AND MOBILITY PARKING ASSETS

MASPARC AND MOBILITY KEY FACTS

50-year partnership to operate transportation infrastructure at Northeastern University

Mature parking system with over 3,000 parking spaces in the heart of Boston

Over 26,000 enrolments and over 5,000 staff at Northeastern University

Parking assets within 10 minutes’ walk to several major medical, academic, cultural and business destinations

Boston is the 3rd most densely populated city in the U.S. with a high concentration of tertiary education institutions

QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager and its products and services are not directly available to, and this communication is not intended for, retail investors. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly. Copyright QIC Limited, Australia. All rights are reserved. Do not copy, disseminate or use, except in accordance with the prior written consent of QIC.

CBD

Prudential Business District

Northeastern University

Major Highway

LMA Shuttle Route

University

Hospital

Green space

Museum

Boston Symphony Hall

MASPARC AND MOBILITY PARKING ASSETS

PartnershipsHubIreland

The Convention Centre Dublin, November 19, 2019

For more information please visit phi.partnershipsevents.com or contact

Kirsty.wilson@p3bulletin.com

Partnerships Hub Ireland is a forum for sharing best practice in partnerships within infrastructure.

The varied sessions will highlight innovation in procuring, financing and delivering infrastructure. It is an opportunity to showcase what is new and different in the

market and tackle some of the current challenges.

PartnershipHubIreland200x200.indd 1 23/09/2019 17:27

31

DEBT PROVIDER OF THE YEAR

FINALISTS:• CIBC Capital Markets

• MUFG Bank• RBC Capital Markets

Gold: RBC Capital MarketsRBC Capital Markets had a stand-out year in which it financed the largest P3 toll road refinancing ever completed in Canada and the first Canadian P3 project to be rated by Fitch Ratings.

One project highlighted in the entry was the Gordie Howe International Bridge where the judges noted the project’s impressive value and the size of the financing with an efficient combination between short-term and long-term financing. One judge commented that, “the 35-year bonds are particularly impressive, considering the length of time for their repayment, as well as the A- grade obtained from S&P. All this is even more impressive given the fact that this occurred whilst the construction risk was still present.”

RBC was also praised for its work on the Nouvelle Autoroute 30 refinancing deal which demonstrated how the debt providers managed to improve the original financing structure that was achieved in the financial closure of the project.

www.turnerandtownsend.com

For further information:Dominic Leadsom, Head of P3 Advisoryc: +1 416 388 8739e: dominic.leadsom@turntown.com

$500bn Infrastructure programs We are working on $500bn of live infrastructure programs across the globe.

75+ ProjectsWe have advised on over 75 AFP/P3 projects across North America.

Diverse Sector coverageProject experience in aviation, rail, highways, water, wastewater, healthcare, education, justice, housing, telecoms and sports.

Transforming North American

infrastructureWe deliver independent advice that helps our

public and private sector clients get more from their infrastructure investments. We provide

support at every stage of the project lifecycle, from asset strategy and development through to

delivery and operations. We have global and local experience in meeting the specific challenges of

infrastructure projects and programs.

making the difference

33

FUTURE LEADER OF THE YEAR

FINALISTS:• Carrie Rollman - Brailsford &

Dunlavey• Enric Cuadras Oliva - Mott

MacDonald• Greg Tseng - Project Finance

Advisory Limited• Matthew Neuringer - Orrick,

Herrington & Sutcliffe

• Noah Jolley - ACS Infrastructure Development

• Preethi Shanmugam Pandian - Project Finance Advisory Limited

• William Buchner - Davies Ward Phillips & Vineberg

Winner: Noah Jolley - ACS Infrastructure Management The judges awarded ‘Future Leader of the Year 2019’ to Noah Jolley who one judge described as having a “career arc showing a progression that is continuing rapidly”.

The panel praised his significant professional leadership of large, high performing teams comprising multiple organizations working on the largest/most significant P3s in the US.

The judges particularly enjoyed a testimonial from an executive at a rival firm (with whom Noah’s organization had teamed).

The head judging panel also welcomed Noah’s role as a co-founder and incoming chair of the Education and Prof Development Committee of Young Professionals in Infrastructure, which they said “shows significant personal leadership and commitment to the growth and professionalism of the industry and the development of the next generation of talent.”

34

EXPERTISEPRICING

COVERAGE

LEVERAGEGlobal

Industry

Stronger

Better

Aon is the preeminent, global risk and insurance advisor for P3 projects; taking a holistic approach to the advisory versus independent views on the construction and the O&M phases. We have developed market-leading policy wording and innovative O&M products and services. Let us empower you to use risk to your competitive advantage

For more information about Aon, visit us at aon.com/GCIG or email us at globalconstructionandinfrastructuregroup@aon.com

Aon’s Commercial Risk Solutions

Global

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Saskatchewan Hospital North BattlefordThe P3 Bulletin Special Award was selected for what one judge described as “a beautiful project, with an amazing story of financial responsibility in the face of adversity.”

The project faced many challenges from the sponsor free falling and then collapsing while the other partners stepped-in to take ownership of the whole project and go on to deliver on their promises.

P3 BULLETIN SPECIAL AWARD

Another panellist said the project should be highlighted as a great example of how P3s deliver value to the public. The submission also highlighted how the solution proved beyond any reasonable doubt that the P3 model worked for the client as they were not exposed to any risk due to the demise of several major project parties on their project, including the entity who would provide the services for 30 years for them.

One judge said: “Kudos to the team at Graham Capital and Graham Builders - the project clearly reflects commitment to getting things done.”

EXPERTISEPRICING

COVERAGE

LEVERAGEGlobal

Industry

Stronger

Better

Aon is the preeminent, global risk and insurance advisor for P3 projects; taking a holistic approach to the advisory versus independent views on the construction and the O&M phases. We have developed market-leading policy wording and innovative O&M products and services. Let us empower you to use risk to your competitive advantage

For more information about Aon, visit us at aon.com/GCIG or email us at globalconstructionandinfrastructuregroup@aon.com

Aon’s Commercial Risk Solutions

Global

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Exclusive news, data, features, interviews and in-depth market reports for those at the cutting edge of partnerships and infrastructure business.

A subscription to P3 Bulletin includes access to Projects Bulletin - our database of P3 projects where you can track activity and view rankings of organisations by the volume of projects they’re involved in.

Register at https://www.p3bulletin.com//free-trial for your free 2-week trial.

The only infrastructure intelligence service dedicated to P3sP3 INTELLIGENCE ON DEMAND

Contact: Tingting Wei for further information T: +44 (0)20 3735 5660

E: tingting.wei@p3bulletin.com

DEVELOPMENT & INFRASTRUCTURE ADVISORY LEADERS

FINALIST TECHNICAL ADVISOR OF THE YEARP3 Awards 2019, New York

Advisors experienced in projects across North America, South America, Europe & MENA

Currently advising on $100 billion+ of project investments

Multi-sector expertise

Service delivery in 12 languages

bty.com

Image Courtesy of LaGuardia Gateway Partners

37

DEVELOPMENT & INFRASTRUCTURE ADVISORY LEADERS

FINALIST TECHNICAL ADVISOR OF THE YEARP3 Awards 2019, New York

Advisors experienced in projects across North America, South America, Europe & MENA

Currently advising on $100 billion+ of project investments

Multi-sector expertise

Service delivery in 12 languages

bty.com

Image Courtesy of LaGuardia Gateway Partners

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39

InternationalProjectFinanceAssociation

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